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CBS
Dec 29, 2012 7:00am PST
automatic tax hikes and spending cuts set to kick in january 1st. the president called the meeting constructive, but reminded lawmakers there's not much time left. >> we're now at the point where in just four days every americans' tax rates are scheduled to go up by law. >>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> we're going to do the best we can for the congresses we have and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases, but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done, but the president has a backup plan just in case. >> if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to br
CBS
Dec 29, 2012 1:35am PST
tax increases and spending cuts kick in january 1 unless lawmakers find some common ground. cbs reporter danielle nottingham on what both sides are saying about the looming deadline. >> reporter: congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1. the president reminded lawmakers there's not much time left. >> we're now at the point where, in just four days, every american's tax rates are scheduled to go up by law. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in hopes that we can come forward as early as sunday and have a recommendation. >> we're gonna do the best we can for the caucuses we have and the country that's waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases. but the income threshold is not yet clear. the president and se
CBS
Dec 31, 2012 5:00pm PST
said to take action on deficit reduction in the next few months and more tax revenue could be involved in those discussions but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this overall problem but what i will not agree to using revenues to replace spending reductions. >> reporter: even in the senate approves the deal by midnight, the house has to pass it. >>> once the deal is done, what will it mean to you and your family's finances? cbs 5 reporter grace lee with the consequences of a compromise. >> reporter: this deal is not official until both houses pass it and it's signed by the president. outlined at this point it's clear at least when it comes to your taxes. so most middle and low-income families should be spared the bulk of those tax increases. but most of us are going to be paying something extra to the irs in 2013. >> keep in mind just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously the agreement is currently being discussed would raise those rates
CBS
Jan 1, 2013 12:00pm PST
negotiated the deal with senate republicans over the weekend. the agreement makes bush-era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. it also postpones harsh across- the-board spending cuts for a few months. >> this shouldn't be the model for how we do things around here, but i think we can say we've done some good for the country. >> middle class families will wake up today to the assurance that their taxes won't go up $2,200 each. >> reporter: president obama praised the senate agreement and urged the house to act without delay. capitol hill is quiet right now after an unprecedented late night. normally these halls would stay empty on new year's day but both the house and senate are in session with billions of dollars in spending cuts and tax increases on the rise. lawmakers missed the january 1st deadline but the bill will be retroactive. many taxpayers across the nation are frustrated that lawmakers waited so long to act. >> the whole system is flawed. it's terrible that it takes this long to get something done. >> it's be
CBS
Jan 1, 2013 5:00am PST
89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: if the bill eventually becomes law, the bush-era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle class families. >> middle class families will wake up today to the assurance that their taxes won't go up $2,200 each. >> reporter: the senate agreement delays $110 billion in spending cuts that were due to kick in today for another two months but because the bill doesn't address spending getting it passed in the house could be tougher. >> the fact that the president won't challenge has party on spending cuts is disgustingching the fact that we're not where we need to be on revenue is disgusting. >> reporter: president obama wanted a bargain that dealt with taxes and spending cuts at the same time. >> but with this congress
CBS
Dec 30, 2012 5:30pm PST
one day over from americans getting tax hikes. randall pinkston is live with the lack of opt -- optimism. >> reporter: yes, but the senate and house are in town. unusual between new year's and christmas for that to happen. one senator is calling it not a great attitude in congress right now. >> senator? >> reporter: 7 tors arrived to continue last-minute negotiations hours before the nation is set to fall off of the so-called fiscal cliff. after a day of intense talks, senate majority leader, harry reid said there will not be a deal tonight. >> there is a distance between the two sides, tpheg orbingiations continue. >> if republicans and democrats can not strike a deal, taxes will go up for almost every american, automatic cuts will kick in and millions will loose unemployment benefits. >> i want everyone to know i am will willing to get this done but i need a dance partner. >> they quickly cut the deficit by slowing the growth of social security but the senate says there is a little bit of movement when they are compromising which americans should should get ready to pay a h
CBS
Dec 28, 2012 12:00pm PST
avoid automatic spending cuts and tax increases due to kick in january 1st. >> probably the worst case scenario will come out of this meeting today and that is we will kick the can down the road. >> reporter: senator bob courter told cbs this morning he predicts the meeting will bring only a temporary solution. >> this afternoon's meeting feels much to me like optics to make it look like we're doing something. let me just say one more time this is a total dereliction of duty at every level. >> reporter: going over the cliff would affect 88% of u.s. taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last minute. >> they're playing games with people's lives. i don't think that's correct. >> it's just unfortunate that at this point the two sides can't come together because it's been like that for the last four or five years. >> reporter: 2 million americans will also lose jobless benefits on saturday if a deal isn't reached and the nation's borrowing limit to finance our $16 trillion debt will also be reached on
CBS
Dec 24, 2012 6:00am PST
before talks resume to try and prevent the automatic tax hikes and spending cuts from taking effect january the 1st. andrew spencer with the very latest from washington. >> reporter: some republican lawmakers say president wants the country to fall over the cliff. >> we were going over the cliff before. that's what the president wants. >> john boehner failed to get vets in on thursday. that would have raised taxes on people earning more than a million dollars a year. on friday speaker painer and the president left with no deal, each making a parting pitch. >> i asked leaders of congress to work toward a package that prevents a tax hike on middle- class americans, protects insurance for 2 million americans and laze the groundwork for further work on both growth and deficit reduction. >> the president's -- it would hurt jobs. >> reporter: the partisan bickering has put the country on the brink of a potential economic crisis. some long-time lawmakers dismid- by the perpetual gridlock. >> the first time i feel it's more likely we will go over the cliff than not; and if we allow that to
CBS
Dec 25, 2012 12:00pm PST
to avoid the fiscal cliff on new year's if democrats and republicans can't compromise, tax hikes will kick in, the tax policy center said families making $50,000 a year will have to pay $2,400 more in taxes. >>> the excon who lured firefighters to their deaths left a note saying he wanted to burn down the neighborhood and do what i like doing best, killing people. >> we are being shot at. multiple fireman down, i'm shot. >> that was a call that a wounded firefighter made, william spangler burned his home yesterday and waited for first responders. he was armed a gun, a shot gun and a rifle. he opened fire when crews arrived. arrived. two firefighters were killed. >> just always there for you. you just take them for granted. you don't -- >> two more wounded are still in the hospital on this christmas day. spangler took his own life. his rifle is the same make and caliber weapon used by the newtown shooter. >>> families in connecticut are trying to find solace on this christmas day. the town is still reeling from the shooting that killed 26 people at the sandy hook elementary more t
CBS
Dec 28, 2012 6:00am PST
: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in a wait-a
CBS
Dec 26, 2012 6:00am PST
majority leader harry reid had worked on christmas at the capital on a scaled-down plan to avoid tax hikes for all but the wealthiest americans. his plan would also include short term spending cuts instead of long term deals that had been sought. >>> president obama will cut his hawaiian vacation short today and return to washington to take part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy enough. but the day after christmas? it was unbelievable! cbs 5 reporter cate caugiran is in san leandro where after- christmas shopping has already started. >> reporter: yes, brian. it started at 5:00 this morning at the bay fair center in san leandro. according to a consumer reports poll about 1 in 7 adults will return a christmas gift so that's part of it. for the other part i'
CBS
Dec 27, 2012 5:00am PST
"fiscal cliff." higher taxes will give the average american about $1,500 less to spend next year. and economists believe the $110 billion spending cuts will result in more layoffs. senator harry reid has a plan to keep taxes low for everyone making less than $250,000 a year as well as short term spending cuts until a bigger dooley can be reached. >> it is going to be a patch because in four days we can't solve everything. >> reporter: while senators try to brave the bad weather that has hit many parts of the country, in order to make it back here to washington, house leaders say they will not leave home unless the senate passes its bill first. >> good morning? >> reporter: house republicans scuttled the proposal from speaker john boehner last week and 48% of americans say they are to blame if no deal is reached. >> both sides here have a problem with the american people and it's why congress has 11% job approval rating. >> reporter: republican pollster frank lund says americans are fed up with gridlock in washington. >> there is no compromise and i think that's going to grow as a
CBS
Dec 26, 2012 1:35am PST
country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau there are about 260,000 young adults with college degrees in california taking work in food service and retail because they can't get anything else. >> pretty sad now. >> reporter: roary graduated with a computer science degree. >> i graduated with my bachelors in 2009 and my first job was at a retail store. at first it was kind of embarrassing. >> i couldn't get a job in the field i wanted to. i figured i have to go to law school to get where i wanted to be
CBS
Dec 24, 2012 6:00pm PST
of the extra taxes carolinianstns are willing to invest. particularly special needs would have cuts as much as 10 10%. also, the meals program. >> it is not just the immediate cuts that worries the local officials. it is also the on going uncertainty that comes from the stalemate in washington, a stalemate that bay area officials fear could affect the economy just when it is starting to recover. >> we are looking guard to a better economy. this would ruin all the progress that has been made. >> it is a signal that we can't get together. that is probably the worst decisions in the future. >> the fear is the uncertainty will go on, even if there is an agreement. the cuts may come but it is the uncertainty in these times and the one for new investment to be becoming in the bay area that has local officials worrying we may just wind up sinking into the mud once again. phil matier. back to you. >> i think a lot of peel thought this staring contest wouldn't have gone on. >> reporter: some people thought the election might have answered some of these questions but they have not. now it loo
CBS
Dec 31, 2012 11:00pm PST
hit the pentagon and other federal agencies this week. they did strike a deal on taxes. three hours before the midnight deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush-era tax cuts remain in place for individuals earning as much as $400,000 a year, far above the 250,000 level on which president obama campaigned. but those making more will see higher income taxes, capital gains, plus a new health care reform surtax. rob wood says you'll notice in your paycheck one popular tax cut will be history. >> the average person, say, earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreemen
CBS
Dec 30, 2012 11:00pm PST
that 24 hours, millions could lose unemployment benefits and nearly everyone's taxes can go up. >>> nobody expected a massive rescue when one man, could not sweupb, fell into the ice into frigid water. how six people ended up being pulled from that water. >>> good evening. an out of control car goes into a funeral home. it was at the scene where the crash disrupted a funeral in progress. >> 5 feet that car came from us. >> reporter: a close call for a group of funeral attendees. a car crashed into the service. >> five seconds after i entered the side room we heard what we thought was a earthquake and turned around and saw the car goes through the front of the building -- go through the front of the building. >> reporter: the speed limit along the road is 40 miles an hour. the teenage driver was going over that. possibly racing the other car. >> during the course of the speed contest there my have been a lane change that may of led to it. >> reporter: it happens the service was for a freelance photographer who died from cancer. he want by the name radar and worked with a newspap
CBS
Dec 29, 2012 11:00pm PST
hammer out an 11th hour compromise to save all americans from the tax hike. tara shows us the deal they're considering only kicks the can down the road. again. >> reporter: senate republican leader mitch mcconnell left the capitol tight-lipped but smiling after working behind closed doors to avoid the so- called fiscal cliff. he and majority leader harry reid are working on a scaled- down agreement that focuses on avoiding a middle class tax hike. the plan is to prevent it to the full senate for a vote on sunday, then send it over to the house. house speaker john boehner was also at the capitol but left with no comment. both sides remain at odds over the democrats' insistence that the wealthy pay more in taxes. >> the president's tax hike would only fund the government for eight days. americans deserve to know, what does the president propose we do for the other 357 days of the year? >> reporter: president obama insists his plan on the table is fair. and it includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >>
CBS
Dec 30, 2012 6:30pm PST
are one day away from americans getting tax hikes from the fiscal cliff. >> reporter: senators arrived at the capitol to continue last- minute negotiations hours before the nation is set to fall off of the cliff. after a day of intense talks, senate majority leader, reid, said there will not be a deal tonight. >> this is still distance between the two sides. negotiations continue. >> reporter: if republicans and democrats can not strike a deal before midnight on monday, taxes will go up for almost every american. automatic spending cuts will kick in and millions will lose unemployment benefits. >> i want everyone to know i want to get it done but i need a dance partner. >> reporter: republicans introduced but with drew the proposal. senators say there is movement as both sides try to compromise about which americans should start paying a higher tax rate. >> this is far too much at stake for political gamesmanship. >> in an unusual move, republicans called on the nation's number 2 democrat, vice president joe biden to help with the negotiation. >> >> they say the biggest thing i
CBS
Dec 28, 2012 5:00pm PST
was that income threshold that would see tax increases. the president as we know wanted to see those tax increases for households making more than $250,000 while the speaker wants the increase to start at a million dollars. so they have a long way to go. i'm grace lee, cbs 5. >>> wall street isn't putting faith in washington. the dow lost 158 points today. its five-day losing streak is the longest since july. the nasdaq and s&p 500 also closed down. >>> police pulled over a bmw for speeding. but before the officer could walk up to write the ticket, the driver floored it and tried to get away. moments later, the bmw slammed into another car a few blocks away from bishop o'dowd high school. cbs 5 reporter da lin tells us an innocent person was killed because of another's recklessness. >> reporter: it started at 98th and bancroft. two chp officers patrolling the streets of oakland pulled over a bmw for speeding. the driver initially stopped but once the officers got out of their car, investigators say the bmw sped away. less than a mile away, the chp says the driver of the silver bmw m6
CBS
Dec 28, 2012 1:35am PST
least on the fiscal cliff. we're just five days until the country tumbles into automatic tax hikes and spending cuts. the president has scheduled a meeting tomorrow with congressional leaders. cbs 5 reporter danielle nottingham on efforts to break the jam in washington. >> reporter: top congressional leaders are expected to meet with president obama at the white house friday. this would be the group's first face-to-face meeting since november 16, and a last-minute chance to avoid the so-called fiscal cliff. if no deal is reached, taxes will go up for nearly every american. senators reconvened thursday with tensions spilling over onto the floor. each side accused the other of stalling. >> speaker boehner is unwilling to negotiate. we've not heard a word from mcconnell. nothing is happening. >> the phone never rang. and so now here we are, five days from the new year. and we might finally start talking. >> reporter: senate majority leader harry reid skewered house speaker john boehner, charging he's more interested in his leadership position than in bipartisan legislation. >> the speaker
CBS
Dec 29, 2012 5:30pm PST
that at least protects the middle class from tax increases come january 1. the bill won't address the trillions in deficit reduction, sweeping reforms and federal spending, the u.s. tax code, or stop across-the-board spending cuts. in both parties' weekly addresses, it's clear a big sticking point remains. >> it's a balanced plan one that would protect the middle class, cut spending in a responsible way, and ask the wealthiest americans to pay a little more. >> the president's tax hike would only fund the government for eight days. americans deserve to know what is the president proposing we do for the other 357 days of the year. >> reporter: both the house and the senate will be in session tomorrow. the senate is expected to take the lead and vote on the scaled- back bill then send it to the house. as many americans brace for the worst, patience is running out. >> they're playing games with people's lives. and i don't think that's correct. >> reporter: even if congress manages to break the gridlock in time, more trouble is just around the corner when the u.s. reaches the debt lim
CBS
Dec 27, 2012 12:00pm PST
the "fiscal cliff." they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter: negotiations between president obama and house republican leaders stalled last week. the house is now leaving it up to the democratic-controlled senate to solve the problem before the new year deadline. in addition to the "fiscal cliff," treasury secretary timothy geithner warned congress that the u.s. is close to hitting its debt limit of $16.4 trillion. geithner saved the government will take steps to allow more burrough after december 31. danielle nottingham, cbs news, washington. >>> let's look now at the markets. stocks fell sharply by 55 and change. the drop is attributed to
CBS
Dec 27, 2012 5:00pm PST
reach agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democratic senate plan that extends tax cuts for families making less than $250,000 a year. >> that's the only option that is viable escape route. >> reporter: but republican leaders say it's up to democrats who control the senate and white house to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and extraordinary measures would have to be tak
CBS
Dec 24, 2012 11:00pm PST
return later this week. there is only a week left to avoid tax hikes and spending cuts that will impact almost every american. tonight it appears democrat senate leader harry reid may take the lead in crafting a comp mice to prevent tax hikes on at least the middle class. the president was in hawaii for the funeral of senator daniel minoli. >>> one of the president's last acts before leaving washington caught some holiday travelers offguard today. grace lee on how an unexpected federal holiday scuttled some christmas vacations. >> i'm really upset. at this point, i don't know what can we do now? just wait. we've been here since 7:30 in the morning. my appointment was at 9. >> reporter: stranded an christmas eve. it was the same story for dozens who were supposed to pick up pass ports today. some had confirmation numbers. >> extremely frustrating and disappointing that i'm not going to be able to see them, not for my wife's birthday or my daughter for christmas. >> reporter: the passport agency was supposed to be open today, but in a last-minute decision on friday, the president declared
CBS
Dec 24, 2012 5:00pm PST
inches of new snowfall in the sierra about 5,000 feet. we will track sack tax cuts and your forecast, coming up. >>> talk about news you can use if you're really last minute. unique gift items that can hide the fact they were bought on christmas eve. ,, trap -- to lure firefighter >>> a developing story out of new york. this home was set on fire and used as a trap to lure firefighters. police say a gunman set the fire and waited for help to arrive. he then started shooting. two firefighters were killed. two others survived. >> cbs reporter jennifer lewis hall is learning more about the firefighters and the man who killed them. >> reporter: firefighters rush to this early morning fire near new york and were met by bullets. police say the 62-year-old lit a home and car on fire so he could lure first responders to the scene and shoot them. two firefighters were killed in the ambush. two more were injured. with crews under attack the flames burned out of control jumping from home to home. >> i am not aware of anything like this in my 23 years. >> a s.w.a.t. team was called in and police
CBS
Dec 25, 2012 5:00am PST
for the holidays with a promise of returning in just a couple of days. only a week left to avoid tax hikes and spending cuts that will impact almost every american. now it appears democratic senate leader harry reid may take the lead in crafting a compromise to avoid tax hikes on at least the middle class which was the president's parting plea. meanwhile here in california leaders are concerned about what could happen if the tax hikes and budget cuts kick in. >> this would undo a lot of the good of the extra taxes californians are willing to invest in the schools. particularly special needs students would be cut by 10% and the meals program that so many of the californias are growing up in poverty and they need that meal. >> some county and city officials are concerned about the potential impact on health and welfare programs. >>> the dreaded fiscal cliff can potentially affect a wide range of health programs. >> cbs news' wyatt andrews explains. >> reporter: professor mallen like hundreds of medical researchers has already fallen off the fiscal cliff. her budget which relies on fede
CBS
Dec 24, 2012 12:00pm PST
connecticut shootings and possibility of higher taxes have people watching the bottom line, but here in the bay area consumer spending is following the normal trend. >> we had a spike black friday, a strong first two weeks of december, then it kind of let off and now it's back with a furry. >>reporter: a fury they hope translates to higher sales and holiday smiles. retailers count on the holiday shopping season for about 40% of yearly sales. >>> carolers in san francisco this morning. the they're collecting toys for children across the bay area. among the special appearances, the giant's world series trophy, santa, and the mayor. >> it's a great way to start christmas eve and wishing everyone a really merry christmas. >> you don't even have to go to the union square restaurant to donate. cabs are on call. just call them and they'll come to you and pick up donations. >>> how an emergency response falls into a deadly ambush. >>> how food allergies can lead to other problems at school. >>> how an extreme holiday house is turning the spirit of the season into scorn. we'll be right back. ,,,
CBS
Dec 24, 2012 5:00am PST
affect americans' confidence. taxes will go up on january 1st if they don't reach a deal. >> i've asked leaders of congress to work toward -- it protects unemployment insurance for 2 million americans, and laze the groundwork for further work on both growth and deficit reduction. >> the president's solution of raising tax rates would still be ready as far as the eye can see and hurt jobs. >> president obama said he will cut his hawaiian vacation short to hammer out a deal with congress with the deadline a short week away. >>> 5:18 now. >>> the nra is adamant about its idea of placing armed guards in the nation's schools. >> this comes as diane fine stein promises to introduce new gun control legislation in the new year. the head of the nra put the game on violent video games and problems with the mental health system insisting another assault weapons ban is not the answer. >> it doesn't work. diane fine stein had her ban, and columbine occurred. >> hundreds of protests yesterday. >>> amid the debate over gun controls and restrictions, bay area ranges are seeing a sharp increase in
CBS
Dec 26, 2012 12:00pm PST
and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices rose in most major cities in october up more than 4% from a year earlier and october was the fifth straight month of year-over-year gains. taking a look at the big board now, you can see that stocks are down today in a light trading session. you can see the dow is down about 9 points. >>> a bay area family and the season of giving. how the kindness of strangers helped save a family's injured dog. ,,,,,,,,,,,,,, donors for saving their dog. c-b-s-5 reporter christin ay >>> a you can bay area couple is thanking -- a young bay area couple is thanking anonymous donors for saving their dog. christin ayers shows us how strangers saved the dog and the family's christmas. >> come on, babe. >> reporter: it was two weeks to christmas
CBS
Jan 1, 2013 1:35am PST
. but they did strike a deal on taxes. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notice on the paycheck one popular tax cut will be history. >> say the average person earning $1,500 a year will earn $20 more in tax increases. >> reporter: it extends unemployment benefits for one year and keep the child tax credit for workers who don't earn enough to pay incom
CBS
Dec 31, 2012 6:00pm PST
toinght. for individuals making more than 400,000 or households more than $450,000, their tax rates are expected to go up next year. for two million jobless americans, their unemployment benefits should be extended at least another year. and that so-called inheritance tax will go from 35 to 40%. but even with all these compromises, it is likely that most of us will be shelling out more cash to the irs come next year. >> you know, keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously, the agreement that's currently being discussed would raise those rates and raise them permanently. [ applause ] >> now -- >> guess what. you may not get any more revenue. you may not get any more economic growth. but you can say, i stuck it to the rich people. >> reporter: only capitol hill, the blame game is in full throttle with just a few hours left before we take the "fiscal cliff" plunge at midnight eastern time. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> reporter: vice
CBS
Dec 31, 2012 6:00am PST
democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000. while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure we deal with the deficit in a serious way. but the way they're behaving is that their only provide or the is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senators say there is some movement on the issue. >> there's a lot of give and take going on right now. but republicans don't want to see new revenues -- in other words, democrat tax increases -- being used for new spending. >> reporter: the president has said if there is no deal by the end of the day, the senate should draw up legislation to extend the bush-era tax cuts for the middle class. >> there should be an up-or- down vote. everybody have should a right to vote on that. if republicans don't like it, they can vote no. but i actually t
CBS
Jan 1, 2013 6:00am PST
passed. >> reporter: the senate voted 89-8 to avoid tax hooks for 99% -- to avoid tax hikes for 99% of all americans. >> this shouldn't be the way we do things but i think we have done some good for the country. >> reporter: if the bill becomes law, the bush-era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle class families. >> middle class families will wake up today to the assurance that their taxes won't go up $2,200 each. >> reporter: the senate agreement delays a $110 billion in spending cuts that were due to kick in today for another two months. because the bill doesn't address spending, getting it passed in the house could be much tougher. >> the fact that the president won't challenge his party on spending cuts is disgusting. it's just disgusting. >> reporter: president obama wanted to dole with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to
CBS
Dec 31, 2012 5:00am PST
between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000. while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senators say there is some movement on the issue. >> there's a lot of give and take going on right now but republicans don't want to see new revenues -- in other words, democrat tax increases -- be used for new spending. >> reporter: the president said if there is no deal by the end of the day, the senate should draw up legislation to extend the bush-era tax cuts for the middle class. >> there should be an up-or- down vote. everybody should have a right to vote on that. if republicans doesn't like it they can vote no but i think there is
CBS
Dec 27, 2012 1:35am PST
cliff, members of the house and senate, have not returned. in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average person's paycheck in 2013 by about $1500. long-term unemployment benefits for about two million jobless americans are also set to expire. and 110 billion worth of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government contractors. economists predict that if congress doesn't act, all those cuts and new taxes will push the economy back into a mild recession by mid 2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1. that's because the irs and other agencies didn't expect it to come to this. so it could be a few weeks before workers see more money being withheld in their paychecks. cbs news in hawaii. >>> former president george h.w. bush is in intensive care at a hospital in houston. a fever that kept mr. bush in the hospital over christmas has apparently gotten worse. doctors have him o
CBS
Dec 30, 2012 7:30am PST
reid are working on a scale down agreement that focuses on avoiding a middle class tax hike. the plan is to present it to the senate for a vote on sunday and then send it over to the house. house speaker john boehner was at the capitol but left with no comment. the democrats insist the wealthy pay more in taxes. >> the president's tax hike would only fund the government for l days. americans deserve to know what does the president propose we do for the over 357 days of the year. sdmrsz -- >> president omaba insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just afford a wound to our economy. >> if sunday's negotiations don't pan out the president says he's red to -- he's ready to propose his own scaled back bill that would preserve expiring unemployment benefits. >> with the deficit ticking higher -- >> it's disgusting. >> miss ing in all the last minute negotiations is talk of the 1.2 trillion in mandatory spending cuts scheduled to go into effect tuesday. >> the fiscal cliff count down is the big topic on this morning's fogs the morning
CBS
Dec 26, 2012 5:00am PST
reportedly at the capital on christmas working on a scaled-down plan to avoid tax hikes for all about the wealthiest americans. his plan would include short term spending cuts instead of long-term deals that had been sought. >>> from hawaii. comes word that president obama will cut short vacation and return to washington later today to take part in "fiscal cliff" negotiations. christmas day the president and first lady met with servicemembers and their families. the president told the marines he was grateful for their service and posed pour pictures. >>> recent college graduates are having a tough time getting jobs in their desired lines of work. according to the latest u.s. census figures about 2 60,000 young adults with college degrees in california are working in food service and retail. >> couldn't get a job in the field that i wanted to so i figured i have to start at the bottom. >> without higher paying jobs, it's that much harder for graduates to pay back student loans weapon tuition rising across the nation. >>> the holiday season isn't what it used to be for american oh. a new po
CBS
Dec 28, 2012 6:00pm PST
expects to keep unemployment benefits to the jobless and to maintain the bush-era middle class tax cuts but at this point can we avoid the "fiscal cliff"? it is still possible but experts say with every passing hour it becomes more difficult. >> well, we're now at the last minute. the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> reporter: congressional leaders left the white house after trying to negotiate an 11th hour deal to avoid the "fiscal cliff" of tax hikes and spending cuts that begin on january 1. the president emerged shortly after admitting no deal had been reached at least not yet. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion. >> reporter: the senate is in session today and is expected to return on sunday along with the house. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can
CBS
Dec 28, 2012 5:00am PST
: democrats want to extend the bush-era tax cuts to everyone except those americans making $250,000 or more a year. many republicans are against any tax increases. most americans just want something to be done. >> people are just tired of partisanship and they want everyone to come together. >> reporter: if lawmakers don't reach a deal by january 1, many economists are concerned it could eventually lead to another recession. i'm ed payne reporting. >>> president obama appears to have more backing from the public in budget negotiations. a gallup tracking poll released wednesday gives mr. obama 54% support compared to 26% for house speaker john boehner. >>> 5:02. a looming dock worker strike threatens to hurt the economy, as well. longshoremen are locked in negotiations with shipping companies over royalties paid to workers for each ton of cargo they move. a shutdown would impact 15 ports along the east coast and the gulf and officials estimate it will cost $1 billion a day. >>> 5:03. let's check traffic and weather. we had a break yesterday but i guess rain is coming back. >> it's all gone. >>
CBS
Dec 25, 2012 6:00am PST
tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be disappointing. while spending is expected to be up over last year, it is expected to be less than businesses were hoping for. >>> smart phones are a popular gift this year. next year smart cameras could be a big hit. they are already a couple on the market. nikon's new camera has wi-fi gps and many of the apps you'll find on an android smart phone. samsung's galaxy cam can also go an line allowing you to take pictures and immediately share them on social media. other companies are working on similar devices for next year. that's your money watch. for more business headlines go to cbsmoneywatch.com. in new york, i'm jennifer lewis hall. >>> wall street ma
CBS
Dec 27, 2012 6:00pm PST
and harry reid to reach agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democratic senate plan that extends tax cuts for families making less than $250,000 a year. >> that's the only option that is viable escape route. >> reporter: but republican leaders say it's up to democrats who control the senate and white house to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and extraordinary measures woul
CBS
Dec 27, 2012 6:00am PST
- board tax increases and spending cuts threaten to send our committee over the so- called "fiscal cliff." today the president heads back to washington to try to strike a deal with lawmakers. congressional leaders are urging the senate to consider a bill that is already passed in the house that would extend existing tax cuts. >> meantime, the us treasury department says it will start taking steps to prevent the government from hitting the $16.4 trillion debt limit. >> new evidence the job market is improving. over the past month, the number of people seeking first-time unemployment benefits dropped to the lowest level since 2008. the labor department says weekly applications fell 12,000 to a seasonally adjusted 350,000. but experts warn the christmas holiday may have disrupted the figures. >>> and chicago wins the dubious award of having the nation's most expensive metered parking. starting new year's day park meters in downtown chicago will cost $6.50 an hour. that's up from $5.75. the city leased the meters to a private company for 75 years for the bargain price of more than $1 billion
CW
Dec 31, 2012 10:00pm PST
spare. negotiators found common grounds on tax hikes and spending cuts. the senate is expected to vote some time tomorrow. and cb s 5 reporter sharon chin has the details for you. >> reporter: lawmakers postponed the automatic spending cuts that would have hit the pentagon and other federal agencies this week. they did strike a deal on taxes. three hours before the midnight deadline, mitch mcconnell and vice president joe biden emerged with a compromise in taxes, agreeing to wait on flashing spending. >> this is a mini cliff. the big cliff still lies in front of us. the big cliff on all spending cuts. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're suppose to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. for above the $250,000 level on which president obama campaigned on. but those making more will see high
CW
Dec 28, 2012 10:00pm PST
toward the fiscal cliff. the tax hikes will kick in january 1. danielle nottingham on the other hand what both sides are saying. >> reporter: top congressional leaders met with president obama. the president called the meeting constructive but reminded lawmakers there is not much time left. >> we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. >> harry reed turned to is the gnat floor. >> we are engaged in discussions, the leader myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation. >> we are going to do the best we can for the caucuses we have and the country that is waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend jobless benefits an some tax increases, but the income threshold is not yet clear. the president and senate leaders are expressing optimism nay will get the job done, but the president has a back up plan just in case. >> if an agreement isn't reached in time, between senator reed and senator mcconnell, i will ur
CW
Dec 26, 2012 10:00pm PST
% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average worker's paycheck in 2013 by about $1,500. long-term unemployment benefits for about 2 million jobless americans are also set to expire, and $110 billion worth of spending cuts to domestic and defense programs will kick in, forcing layoffs in the public and private sector. if congress doesn't act, all the cuts and new taxes will squish the economy back into a mild recession by mid-2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1st because the irs and other agencies didn't expect it to come to this. it could be a few weeks before workers see more money being withheld in their paychecks. >>> george h. w. bush is in intensive care. a fever that kept him in the hospital over christmas has gotten worse. a bush family spokesperson says the 88-year-old was alert and joking with doctors but has yet to respond to fever re-reduce reducing medication. >>> there is a settlement in the runaway car debacle. the payout coming to million was toyota drivers. >> i o
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